On September 9th, Chilean President Sebastián Piñera signed a Memorandum of Understanding and Cooperation on Cybersecurity with the President of the Spanish Government, Pedro Sánchez. The agreement is part of the Chilean government’s strategy to ensure operational continuity. Piñera’s objective is to take advantage of Spain’s experience on regulations related to critical infrastructure, security level requirements, institutionality and the organization of future teams to deal with emergencies in this area. In December 2018, the Chilean government is expected to introduce a draft framework bill on cybersecurity to Congress.

Furthermore, the Superintendency of Banks and Financial Institutions (SBIF) established new requirements for the evaluation of computer systems. The measure modified Chapter 20-9 of its Updated Compilation of Standards. It incorporated requirements for good business continuity practices, which will be periodically evaluated by the entity. The SBIF will evaluate the mechanisms applied by the entities to detect and prevent malicious and operational attacks on data processing sites.

As part of its bilateral meetings in Europe, following the signing of the agreement, President Piñera assured that this “will allow Chile to recover time in the fight against cyber-insecurity, using the experience of some of the most successful countries in this fight”.